New Zealand Central Bank Admits Currency Intervention

By

Rebecca Howard

May 8, 2013 3:58 a.m. ET

WELLINGTON—New Zealand's central bank said it had intervened in foreign currency markets and would do so again if needed to contain a soaring local currency that's dragging on tourism and denting the competitiveness of the nation's agricultural exports.

The remarks, by Reserve Bank of New Zealand Gov. Graeme Wheeler, sent the Kiwi tumbling nearly a cent lower to US$0.8361 from US$0.8460 on Wednesday. The governor also said the Kiwi...